The Value of Education
Parents speak up on what truly matters
Parents know that education is a crucial enabler in the modern world which may give their children skills that are essential in later life. Knowing its importance, HSBC Group commissioned a global survey across 15 countries themed “The Value of Education” to canvass the hopes and aspirations of parents with regards to the education of their children.
This infographic is a summary of some of the key findings and we hope it will enable you to better understand public sentiments regarding education and the practical steps you may want to take when planning for this rewarding and life-changing path for your child. Here goes!
When it comes to education, Malaysian parents’ expectations are always changing as their children progress through the education system.
“So where to go for a good education– public or private?”
But fewer than one in five parents are open to funding a private primary or secondary education.
Where would they like their children to study?
Almost half (45%) of parents in Malaysia believe that Malaysia has a better quality education system than the best available abroad.
Countries perceived to offer the highest quality education by Malaysian parents
When would Malaysian parents send their children abroad? At what age?
37% At Secondary school age.
37% At University age, 88% of Malaysian parents would consider sending their child abroad to study at university stage. This is higher than the global average of 74%.
What do Malaysian parents hope their children gain from an overseas education?
62% Breadth of experience
58% Children gaining more independence
54% Foreign language skills
51% International experience
Tertiary education is an aspiration for their children
98% of Malaysian parents aspire for their child to go to university while 91% of Malaysian parents would like their child to study at a postgraduate level.
Four in five (79%) parents who didn’t go to university want their children to go to university
How will Malaysian parents make that aspiration come true?
85% draw on savings
54% rely on current income
51% draw on a specific education plan
Nearly two-thirds (64%) believe that paying for their child’s education is the best investment they can make. Most parents expect to fund their child’s education themselves via various means. Despite this, in Malaysia, more than four in five (84%) parents wish they have started to plan and save earlier for their child’s education.
It’s not too late. Start now to plan for your children’s education.
1. Start saving as early as possible
It is never too late to start planning for their future. If you have yet to start an education plan for your child, talk to HSBC’s Relationship Manager, walk into any HSBC branch for assistance. You may also visit www.hsbc.com.my to view our wide range of investment and protection plans including our Takaful Education Plan which may help you in your goal to start planning for your child’s future.
2. Consider the different education paths
Whether you wish to consider private or public education, local or abroad, you may want to research all options and evaluate what’s best for you and your family.
3. Know what is required
You may want to ensure that you gather enough information to make informed choices – regarding the course your child may want to pursue and the funds required to support your child in the path he/she wants to pursue.
All research here refers to “The Value of Education: Springboard for success” Malaysia Report. Reproduced with permission from The Value of Education, published in 2014 by HSBC Holdings plc